Don't worry about bitcoin price at any time because if you invest at low price then you can sell at high price in future. Big pop up always happen so don't get panic when price falls. This is common in the crypto world just hold the coins soon big pop comes. When the price is low, make use of the opportunity to gather as many coins as you can and sell them all when the pop up situations arise. I would advice you to hold back until you find a good hike in price. Try to get a good turn over.
The reason why a lot of people make mistakes when it comes to the market is because they focus their attention so much on the current market movement and with the mindset of how the market is going to be in the short term, they tend to miss the idea fully and then before you know it, they start making horrible decisions that will affect their long term hope. Whether there is going to be a big pop up or a pop down, all that matters is the future and if you cannot trade, then it is better to just go find something else doing to occupy your mind. 
Topic: Big pop up again (Read 1669 times)
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
I believe that there will be a huge pop up again because most of the countries today are now legalize to invest on cryptocurrency since there is a huge pump last december before the year ends.
Well it did hold on for most of the recent months so you have a good point. Probably a rich miner, probably a btc whale, but for sure it's someone or a group of people that has enough means to move the price.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
I believe that there will be a huge pop up again because most of the countries today are now legalize to invest on cryptocurrency since there is a huge pump last december before the year ends.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
I believe that there will be a huge pop up again because most of the countries today are now legalize to invest on cryptocurrency since there is a huge pump last december before the year ends.
The adoption is going in great but just very few countries, have always been adamant to adopting cryptocurrency or even allowing it all and majority are not even saying anything but does not make it illegal, and few have also found a way to legalize and regulate it.
Now, pump or dump should not be a focus of a real believer or investor, they are just ways for some whales to scare the weak hands from the market, and with that, there will always be room for more growth as time goes on. We, the bitcoin community must keep faith and must remain calm in between time rather than listening into FUDs.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
I believe that there will be a huge pop up again because most of the countries today are now legalize to invest on cryptocurrency since there is a huge pump last december before the year ends.
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
IMO institutional investors have buys just under the $6000 mark. Which is why it's holding above that level. What is missing is retail investors - they've been scared away by the price drop from $20,000 plus all the drama with fees at the end of last year.
Don't worry about bitcoin price at any time because if you invest at low price then you can sell at high price in future. Big pop up always happen so don't get panic when price falls. This is common in the crypto world just hold the coins soon big pop comes. When the price is low, make use of the opportunity to gather as many coins as you can and sell them all when the pop up situations arise. I would advice you to hold back until you find a good hike in price. Try to get a good turn over.
In fact, miners also play an important trading role, aren't they? When the decline in Bitcoin affects their interests, they will begin to take over the market and let Bitcoin rebound!
I guess that has been the norm of miners not allowing the market to go lower than what would be paying them as miners. If this goes down, I believe bitcoin mining difficulty will fall, some miners may no longer be able to see it profitable anymore and due to the electricity bills, maintenance and other things, it would be something not worth it for a lot and that could make them just turn off their machines.According to a Fundstrat Doctor though, he claimed the price at which most miners would really start shutting down their operations is around $3,000 to $4,000 per bitcoin. I guess we have to wait to see how events would unfold.
Big pump for bitcoin is near for sure , waiting is the key to see that, but you need to buy more bitcoin to pump the value of this coin.
But if the people continue to sell their bitcoin that they have maybe instead of seeing again big pump it turn into big dump again and everyone will sacirfice on that because we lost most of our capital. Unity is the best key if they want to have achieve your goal.
People should stop concentrating so much on incoming pump and should rather be seeking for ways in which we will get to see the market become something that is totally not driven by speculation as time goes on.But if the people continue to sell their bitcoin that they have maybe instead of seeing again big pump it turn into big dump again and everyone will sacirfice on that because we lost most of our capital. Unity is the best key if they want to have achieve your goal.
So far, we have so much been looking at the idea of seeing a pump, making huge profit from it, and right now for most people it is all about the profit than the aspect of it being a currency and that is not something good. We could see an uptrend and we could slightly go higher, but for a bear market that we are still in anyway, I would not be expecting so much.
Everyone wants to find their own benefit from all situations and this is not surprising. All people are looking for easy ways to earn money.
As long as you are a smart trader, this break out run and subsequent dips can be profitable as long as you know how it works and has the experienced to profit in an instant.
We don't have to worry about the price of Bitcoin, because when he falls, there will always be people taking over (whales, sharks, miners, merchants), because if Bitcoin crashes, they are the biggest victims!
Don't forgot the majority: speculators. Those are people who FOMO much, and opportunistic. Will always find ways to go with whales to set a trap for inexperienced traders. I know that when the price hits below $6K, its not profitable to miners, but I doubt they have their hands with the sudden jump, it mostly whales, speculators who using bots.
We don't have to worry about the price of Bitcoin, because when he falls, there will always be people taking over (whales, sharks, miners, merchants), because if Bitcoin crashes, they are the biggest victims!
This 500$ recover of the price means nothing, the fall was over than a thousand and it's too early to say about positive moods of the market till the drop will not be totally recovered and the price will continue its move to the top.
The steady, lazy and low bitcoin price movement can tell us all that the bearish market is not yet over.
It's not yet over though bitcoin dominance is increasing. The last time I saw it was only around 53% now its up by 56% and is still increasing.I would not say it is a good thing to stay away for a while but the best is to just equip you with enough knowledge to make certain investment decisions through monitoring the trend. This may not that much easier like it sounds here. But other than this, we do nto have any other choices in this mixed trends of market conditions.
I personally believe the market is not done with the down trend and during this time, there would still be some period of long term consolidation as the case may be once we eventually bottom out, so there would still be time. Still at the same time, market will definitely stay stronger and may not break the solid resistances around $5,500 levels. But, may take more time to start its rally toward new ATH.
The steady, lazy and low bitcoin price movement can tell us all that the bearish market is not yet over.
It's not yet over though bitcoin dominance is increasing. The last time I saw it was only around 53% now its up by 56% and is still increasing.It sometimes frustrates me to see how long the market has been into this trend that is why i just want to stay away from the market or listening to someone else's predictions.
Better to stay away for awhile and get back again if there's something interesting and a sign that bull's coming and the bear's out.I don't think there are governments manipulating the price. Bitcoin is far too speculative for them to be trying to manipulate it just to load up on reserves. However, I do believe there is some manipulation in the markets by huge corporate entities.
The news about Goldman Sachs abandoning a Bitcoin trading desk was apparently "fake news" according to their CFO (if I recall correctly), I seriously think this was an attempt from someone associated with Goldman Sachs to artificially deflate the price. This was just a strange situation in general.
Always load up on these dips, do some cost averaging!
Everyone wants to find their own benefit from all situations and this is not surprising. All people are looking for easy ways to earn money.
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
IMO institutional investors have buys just under the $6000 mark. Which is why it's holding above that level. What is missing is retail investors - they've been scared away by the price drop from $20,000 plus all the drama with fees at the end of last year.
For what it is worth, I guess we can pretty much assume that this point forward, we may actually start consolidating and swinging between this price range until the market is ready to pick up eventually.
The 10% quick going up and down can't be considered a bear or bull run in neither direction its just daily regular price fluctuations so we are stuck at this level for a long time just watching it without actually getting our hopes up for anything.
It is incredible that we have not seen a movement to any direction with like 20% for months now, I would expect something as volatile as bitcoin and crypto to actually have insane movements but no we are at the land of death just waiting for any moves. The last quarter 2018 must be different as per many people's expectation. I am also expecting a new ATH within this year. It may sound greed but anything will be possible in this market hence there could not be any mistake in my expectations.
The steady, lazy and low bitcoin price movement can tell us all that the bearish market is not yet over.
It's not yet over though bitcoin dominance is increasing. The last time I saw it was only around 53% now its up by 56% and is still increasing.It sometimes frustrates me to see how long the market has been into this trend that is why i just want to stay away from the market or listening to someone else's predictions.
Better to stay away for awhile and get back again if there's something interesting and a sign that bull's coming and the bear's out.
The steady, lazy and low bitcoin price movement can tell us all that the bearish market is not yet over.
It's not yet over though bitcoin dominance is increasing. The last time I saw it was only around 53% now its up by 56% and is still increasing.It sometimes frustrates me to see how long the market has been into this trend that is why i just want to stay away from the market or listening to someone else's predictions.
Better to stay away for awhile and get back again if there's something interesting and a sign that bull's coming and the bear's out.
In fact, miners also play an important trading role, aren't they? When the decline in Bitcoin affects their interests, they will begin to take over the market and let Bitcoin rebound!
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
We can absolutely expect for a huge pop up again due to the market price that is currently dropping and that is the reason why we should invest today.
We would only be able to see this come to an end when we certainly start forming higher highs and lows, but for now, we aren’t even there yet. So, people should stop expecting a huge pump like what happened last year; this is a market with totally different condition from last year.
The steady, lazy and low bitcoin price movement can tell us all that the bearish market is not yet over. It sometimes frustrates me to see how long the market has been into this trend that is why i just want to stay away from the market or listening to someone else's predictions.
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
IMO institutional investors have buys just under the $6000 mark. Which is why it's holding above that level. What is missing is retail investors - they've been scared away by the price drop from $20,000 plus all the drama with fees at the end of last year.
For what it is worth, I guess we can pretty much assume that this point forward, we may actually start consolidating and swinging between this price range until the market is ready to pick up eventually.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
We can absolutely expect for a huge pop up again due to the market price that is currently dropping and that is the reason why we should invest today.
Big pump for bitcoin is near for sure , waiting is the key to see that, but you need to buy more bitcoin to pump the value of this coin.
But if the people continue to sell their bitcoin that they have maybe instead of seeing again big pump it turn into big dump again and everyone will sacirfice on that because we lost most of our capital. Unity is the best key if they want to have achieve your goal.
But if the people continue to sell their bitcoin that they have maybe instead of seeing again big pump it turn into big dump again and everyone will sacirfice on that because we lost most of our capital. Unity is the best key if they want to have achieve your goal.
2017 demand was obviously a manipulated pump all in the name of trying to get gullible smaller investors into the market and we have all seen the outcome so far. For now, I guess we just have to wait to see how far this $5k region is going to end up holding until further notice.
i agree with the first part but this part i can not agree with.
what happened in 2017 was not a pump, there was manipulation but the rise to $20k would have happened anyways and it is not because of manipulation, it was because a lot of money was coming in during 2017 and that kind of rise is what naturally happens when you have a tiny market with thin order books which can not have any kind of resistance against that kind of money so the price shoots up.
it was real demand, if you check the news reports you can see for instance coinbase used to have about 1 million new users every couple of days! and those people were coming in because everywhere you looked you could see bitcoin was discussed.
However, the question is how this money came into the market. Actually, I would not say that was because there was a real demand for it, or because a lot of people are seeing the long term prospect in being a part of the future, it is simply because most people that join FOMO just want to get rich overnight, while the real believers buy the bottom.
As long as there would be weak hands, market will always be pumped and manipulated by the whales, to feed on those greedy fellows who their only mission is to see ways they can obtain so much from the market in a short term. By the way, pump and manipulations is concurrent in nature.
2017 demand was obviously a manipulated pump all in the name of trying to get gullible smaller investors into the market and we have all seen the outcome so far. For now, I guess we just have to wait to see how far this $5k region is going to end up holding until further notice.
i agree with the first part but this part i can not agree with.
what happened in 2017 was not a pump, there was manipulation but the rise to $20k would have happened anyways and it is not because of manipulation, it was because a lot of money was coming in during 2017 and that kind of rise is what naturally happens when you have a tiny market with thin order books which can not have any kind of resistance against that kind of money so the price shoots up.
it was real demand, if you check the news reports you can see for instance coinbase used to have about 1 million new users every couple of days! and those people were coming in because everywhere you looked you could see bitcoin was discussed.
We talk about how the whales are trying to buy at $6k levels but we are forgetting a simpler understanding of economics while we do that.
If someone wants to drop the price they must first have enough bitcoin to sell and drop the price which would mean a lot of bitcoin and can affect the price yet lets assume there are people who have enough money to buy without maxing the price but sell while dropping the price at the same time, they will also buy again which means they will be increasing the price all by themselves, I doubt anyone can handle that at the same time, you both need to buy without increasing, sell while dropping and buy again without increasing.
Those whom don't seems to cease opportunities goes into whining about the price. Don't be suprised if it's the government that keeps on manipulating price so they can stock up their wallet. For their own benefit, they may be the whale investors we keep talking about that. If someone wants to drop the price they must first have enough bitcoin to sell and drop the price which would mean a lot of bitcoin and can affect the price yet lets assume there are people who have enough money to buy without maxing the price but sell while dropping the price at the same time, they will also buy again which means they will be increasing the price all by themselves, I doubt anyone can handle that at the same time, you both need to buy without increasing, sell while dropping and buy again without increasing.
We talk about how the whales are trying to buy at $6k levels but we are forgetting a simpler understanding of economics while we do that.
If someone wants to drop the price they must first have enough bitcoin to sell and drop the price which would mean a lot of bitcoin and can affect the price yet lets assume there are people who have enough money to buy without maxing the price but sell while dropping the price at the same time, they will also buy again which means they will be increasing the price all by themselves, I doubt anyone can handle that at the same time, you both need to buy without increasing, sell while dropping and buy again without increasing.
If someone wants to drop the price they must first have enough bitcoin to sell and drop the price which would mean a lot of bitcoin and can affect the price yet lets assume there are people who have enough money to buy without maxing the price but sell while dropping the price at the same time, they will also buy again which means they will be increasing the price all by themselves, I doubt anyone can handle that at the same time, you both need to buy without increasing, sell while dropping and buy again without increasing.
2017 demand was obviously a manipulated pump all in the name of trying to get gullible smaller investors into the market and we have all seen the outcome so far. For now, I guess we just have to wait to see how far this $5k region is going to end up holding until further notice.
i agree with the first part but this part i can not agree with.
what happened in 2017 was not a pump, there was manipulation but the rise to $20k would have happened anyways and it is not because of manipulation, it was because a lot of money was coming in during 2017 and that kind of rise is what naturally happens when you have a tiny market with thin order books which can not have any kind of resistance against that kind of money so the price shoots up.
it was real demand, if you check the news reports you can see for instance coinbase used to have about 1 million new users every couple of days! and those people were coming in because everywhere you looked you could see bitcoin was discussed.
Looking at how the price moved this year, i think there's logic behind what you said dude and probably that's why all these speculations indicating that we'll bottom out at 4 or 3k isn't that valid. Whales and high holders have the say in this kind if market.
only to an extent. whales and large miners can withhold coins from the market, but nobody has this market cornered. and as the years go by, coins become more and more distributed. something like 5-10% of americans now own crypto. so the whales of yester-years really aren't as important anymore.
what matters most is all the supply from bagholders from 2017 (including institutions like novagratz' fund etc) and whether or not organic demand can outweigh that.
That's the big problem we are facing is the heavy supply weighing down from above. There needs to be more organic demand and not just algos driving the price up for short periods. I'm a bit worried about the future of bitcoin because of that. These futures contracts are no good in my opinion, and the ETF won't make a big difference either.
What would really help bitcoin is more trust and widespread adoption by major figures who actually use the coin for what it was intended for, rather than just quick swaps or pump & dumps.
2017 demand was obviously a manipulated pump all in the name of trying to get gullible smaller investors into the market and we have all seen the outcome so far. For now, I guess we just have to wait to see how far this $5k region is going to end up holding until further notice.
Looking at how the price moved this year, i think there's logic behind what you said dude and probably that's why all these speculations indicating that we'll bottom out at 4 or 3k isn't that valid. Whales and high holders have the say in this kind if market.
only to an extent. whales and large miners can withhold coins from the market, but nobody has this market cornered. and as the years go by, coins become more and more distributed. something like 5-10% of americans now own crypto. so the whales of yester-years really aren't as important anymore.
what matters most is all the supply from bagholders from 2017 (including institutions like novagratz' fund etc) and whether or not organic demand can outweigh that.
That's the big problem we are facing is the heavy supply weighing down from above. There needs to be more organic demand and not just algos driving the price up for short periods. I'm a bit worried about the future of bitcoin because of that. These futures contracts are no good in my opinion, and the ETF won't make a big difference either.
What would really help bitcoin is more trust and widespread adoption by major figures who actually use the coin for what it was intended for, rather than just quick swaps or pump & dumps.
frankly we could be a lot lower than we are. I'm grateful for that.
Give it time. This bear market may continue for years. Just like it's been after MtGox crash
It is different this time. There are more users this time. The bear market could finish in the next few months.
May be the number of participants are more but the price is low that is indicating that we sell in low market that is contributing to the price go down back and this repeated several times. We have to stop expecting for high or bull market because we are not stopping this mistake of selling in low market. The price has declined again and dropped at 6000 US dollar which is highly achievable so we can look for buying more this time.
In last few days market is fluctuating up and down in more quicker which may signal up for strong trend in coming weeks as it denote new and high potential investors are in hurry to enter and play. Keep watching.
the bear market ended a while ago. this is just a residual effect and some people wishing it to continue some of them have the power to make it continue so they are dumping to push it down.
its waaaaay too early to say. how are you so confident the bear is done?
in any market, this whole $6000-$12000 trading range could be a bearish consolidation. i'd love to see things turn around, but by all trend-reading techniques i know, this is still a bear market. break above $8500 (higher high) and we can start believing otherwise.
because price has not been going down for a very long time now. it is now going sideways and mostly staying stable since the changes are still small with $6000 as their bottom.
this may not be a real trend but i call it the uncertainty trend which to me signals the end of the bear market and start of the reversal. and unless price goes below $6k i wouldn't change my opinion; which is possible with the ETF negative news being possible but has not happened yet.
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
IMO institutional investors have buys just under the $6000 mark. Which is why it's holding above that level. What is missing is retail investors - they've been scared away by the price drop from $20,000 plus all the drama with fees at the end of last year.
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
IMO institutional investors have buys just under the $6000 mark. Which is why it's holding above that level. What is missing is retail investors - they've been scared away by the price drop from $20,000 plus all the drama with fees at the end of last year.
Price will go up, and down again many times, I don`t doubt in that. When will we break that 10,000$ point again is speculation, but I think that will happen in next few months, before new year for sure.
Bitcoin cycle dont last 1 year. Bitcoin cycle last approximately 4 years. Reason for that we can find in halving that happens every 4 years among others. I would simply not expect that Bitcoin will go crazy in November because it went last year and few other Novembers in past.
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
IMO institutional investors have buys just under the $6000 mark. Which is why it's holding above that level. What is missing is retail investors - they've been scared away by the price drop from $20,000 plus all the drama with fees at the end of last year.
Price will go up, and down again many times, I don`t doubt in that. When will we break that 10,000$ point again is speculation, but I think that will happen in next few months, before new year for sure.
Bitcoin actually has to be used, that is a big point to this whole retraction. Its the high tide of speculation and leveraged buying now retracting and leaving us to find the base mark of where is Bitcoin actually being used and operations where it is useful in its abilities. Without that base use I dont see the rest is justified, some even assume the entire thing was speculation but thats not the case. We will find bedrock of support some place when its mostly about usage, just not sure how long that takes
Looking at how the price moved this year, i think there's logic behind what you said dude and probably that's why all these speculations indicating that we'll bottom out at 4 or 3k isn't that valid. Whales and high holders have the say in this kind if market.
only to an extent. whales and large miners can withhold coins from the market, but nobody has this market cornered. and as the years go by, coins become more and more distributed. something like 5-10% of americans now own crypto. so the whales of yester-years really aren't as important anymore.
what matters most is all the supply from bagholders from 2017 (including institutions like novagratz' fund etc) and whether or not organic demand can outweigh that.
That's the big problem we are facing is the heavy supply weighing down from above. There needs to be more organic demand and not just algos driving the price up for short periods. I'm a bit worried about the future of bitcoin because of that. These futures contracts are no good in my opinion, and the ETF won't make a big difference either.
What would really help bitcoin is more trust and widespread adoption by major figures who actually use the coin for what it was intended for, rather than just quick swaps or pump & dumps.
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again.But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
IMO institutional investors have buys just under the $6000 mark. Which is why it's holding above that level. What is missing is retail investors - they've been scared away by the price drop from $20,000 plus all the drama with fees at the end of last year.
Looking at how the price moved this year, i think there's logic behind what you said dude and probably that's why all these speculations indicating that we'll bottom out at 4 or 3k isn't that valid. Whales and high holders have the say in this kind if market.
only to an extent. whales and large miners can withhold coins from the market, but nobody has this market cornered. and as the years go by, coins become more and more distributed. something like 5-10% of americans now own crypto. so the whales of yester-years really aren't as important anymore.
what matters most is all the supply from bagholders from 2017 (including institutions like novagratz' fund etc) and whether or not organic demand can outweigh that.
the bear market ended a while ago. this is just a residual effect and some people wishing it to continue some of them have the power to make it continue so they are dumping to push it down.
its waaaaay too early to say. how are you so confident the bear is done?
in any market, this whole $6000-$12000 trading range could be a bearish consolidation. i'd love to see things turn around, but by all trend-reading techniques i know, this is still a bear market. break above $8500 (higher high) and we can start believing otherwise.
because price has not been going down for a very long time now. it is now going sideways and mostly staying stable since the changes are still small with $6000 as their bottom.
this may not be a real trend but i call it the uncertainty trend which to me signals the end of the bear market and start of the reversal. and unless price goes below $6k i wouldn't change my opinion; which is possible with the ETF negative news being possible but has not happened yet.
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Buying right now
I dont agree purely buying right now. Im not that certain, I will argue buy on a regular basis and for a time line that might extend two years into the future. Thats how long I would say buying might have to take place, really what we need is an economy of exchange and usage of Bitcoin and during that use people accumulate some holdings of BTC over two years.The usage will improve the prospects and likelyhood that bitcoin does have a value to hold but just plain speculation by the majority of the market and participants in BTC is not going to end well.
For a big pop up at this point we really need it to be moving above the 6500 area. Then it must confirm this move, rather then the rejection we last saw yesterday.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
There definitely seem to be big players within the market that want to accumulate large amounts of BTC at these levels. And thus, support at this $6k level is still extremely strong at the moment.
I'm not sure about the theory of a government or some cartel trying to keep prices down. There is simply no proof of that right now.
What we are seeing however, is that there is a huge demand for cheap bitcoins under $7k. And even though prices could well dip below that figure, it's unlikely that BTC will continue to drastically decrease in value much more, meaning that we're probably close to the bottom. Buying right now for the next bull market is definitely a smart thing to do, imo.
This is what Wall Street call "price discovery".
Wall Street loves meaningless buzz-phrases like that. Drives me insane sometimes. If you read an analysts report, you'll see bloated "analysis" which purports to show why a stock is going to be higher or lower. In other words, it's fluff. If they were honest, those analysts would write that they're pulling predictions out of their asses.Anyhow, I didn't realize bitcoin had dropped so much. I haven't seen it below $6k for a while now, but sometimes things happen when I'm sleeping and then gets reversed by the time I wake up. I'm fine with where it's at right now, which is around $6.3k. I don't pretend to know where bitcoin is headed, but frankly we could be a lot lower than we are. I'm grateful for that.
This is how they secure their comfy positions up there. Use a bunch of senseless jargon so normal folk like us get headaches trying to decipher it and just end up hiring an "expert", whose track record isn't much better than a monkey pressing buy or sell buttons.
Economics as a study is complete nonsense if you ask me. Its theories of "perfect efficiency" only work in a vacuum. For real life, there's something else involved. We call it greed, fear, and rationality. I don't think they've figured this out fully yet, but they sure are trying.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
I wouldnt say its just like that, we got people watching like hawks looking for entry and when to catch a tide for ride up and so on. BTC is famous for its speculators of course. The scenario I see now is of a negative trend but also exhaustion and the end of that trend. People typically get gloomy at their most extreme on the tail end of this negative trend but the important note is we already fell, its too late to be gloomy now the smarter thing is keen eyes looking for a change in the prevailing wind.
Doesnt have to happen but my view of this 'sudden rise' is people carefully noting and entering for a possible rise. It takes more then one factor but for a global market its complicated to see all points of views in all currencies. In some very troubled currency like Turkish Lira for example they already are grateful to hold some BTC I think
In order to profit from the hedge that bitcoin delivers against fiat currencies deprecating against it, you must own bitcoin before your local fiat currency crashes.
The problem is just like in previous fiat disasters, people usually don't own BTC when the fact happens, they start looking into it after the fact, which mean is harder to obtain. You must have some longer term planning. So if I was turkish I would have already BTC instead of waiting for my currency to dump 25%.
Also most people are computer illiterate and don't know how to act fast. But it's only a matter of time they start catching up.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
I wouldnt say its just like that, we got people watching like hawks looking for entry and when to catch a tide for ride up and so on. BTC is famous for its speculators of course. The scenario I see now is of a negative trend but also exhaustion and the end of that trend. People typically get gloomy at their most extreme on the tail end of this negative trend but the important note is we already fell, its too late to be gloomy now the smarter thing is keen eyes looking for a change in the prevailing wind.
Doesnt have to happen but my view of this 'sudden rise' is people carefully noting and entering for a possible rise. It takes more then one factor but for a global market its complicated to see all points of views in all currencies. In some very troubled currency like Turkish Lira for example they already are grateful to hold some BTC I think
In order to profit from the hedge that bitcoin delivers against fiat currencies deprecating against it, you must own bitcoin before your local fiat currency crashes.
The problem is just like in previous fiat disasters, people usually don't own BTC when the fact happens, they start looking into it after the fact, which mean is harder to obtain. You must have some longer term planning. So if I was turkish I would have already BTC instead of waiting for my currency to dump 25%.
Also most people are computer illiterate and don't know how to act fast. But it's only a matter of time they start catching up.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
Looking at how the price moved this year, i think there's logic behind what you said dude and probably that's why all these speculations indicating that we'll bottom out at 4 or 3k isn't that valid. Whales and high holders have the say in this kind if market.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
I wouldnt say its just like that, we got people watching like hawks looking for entry and when to catch a tide for ride up and so on. BTC is famous for its speculators of course. The scenario I see now is of a negative trend but also exhaustion and the end of that trend. People typically get gloomy at their most extreme on the tail end of this negative trend but the important note is we already fell, its too late to be gloomy now the smarter thing is keen eyes looking for a change in the prevailing wind.
Doesnt have to happen but my view of this 'sudden rise' is people carefully noting and entering for a possible rise. It takes more then one factor but for a global market its complicated to see all points of views in all currencies. In some very troubled currency like Turkish Lira for example they already are grateful to hold some BTC I think
frankly we could be a lot lower than we are. I'm grateful for that.
Give it time. This bear market may continue for years. Just like it's been after MtGox crash
It is different this time. There are more users this time. The bear market could finish in the next few months.
So? The price is not ~300 bucks either like it used to be back then.
yes you are right for now it seems like a lot of really good moments to buy bitcoin and use it when the price of bitcoin falls to be able to buy as much bitcoin as you can.
the bear market ended a while ago. this is just a residual effect and some people wishing it to continue some of them have the power to make it continue so they are dumping to push it down.
its waaaaay too early to say. how are you so confident the bear is done?
in any market, this whole $6000-$12000 trading range could be a bearish consolidation. i'd love to see things turn around, but by all trend-reading techniques i know, this is still a bear market. break above $8500 (higher high) and we can start believing otherwise.
frankly we could be a lot lower than we are. I'm grateful for that.
Give it time. This bear market may continue for years. Just like it's been after MtGox crash
It is different this time. There are more users this time. The bear market could finish in the next few months.
the bear market ended a while ago. this is just a residual effect and some people wishing it to continue some of them have the power to make it continue so they are dumping to push it down.
and it is basically because they believe bitcoin will soon be $50k in a short time and ... $1 million eventually. so imagine if you have $10k and price is $10k so you can buy 1BTC which will be $1 million. but if it drops more you can buy 2BTC which will be worth $2 million which is why they keep hoping for the bear market to continue and push for it.
frankly we could be a lot lower than we are. I'm grateful for that.
Give it time. This bear market may continue for years. Just like it's been after MtGox crash
It is different this time. There are more users this time. The bear market could finish in the next few months.
The more we fall, the more opportunities the market offers. A fall in the market gives investors opportunities.
But as a trader, you perform technical analysis, and if you apply TA, I don't really see $6k anymore as a bottom, unless you believe in what, a quintuple bottom at this point? I mean we were discussing a triple bottom a month ago, now it has bounced back, so quadruple bottom is at play if it keeps going up.
that's how i felt about the price action in 2015. we kept hammering the $200 area (sometimes wicking below for a short time) and bouncing back. for me, that's usually a sign that support will fail and we should be ready for lower levels.
but amazingly, the level held. and if you look at the bitstamp chart and cut off the wicks, it looks like a quadruple bottom.
honestly, you never know with BTC. sometimes we find unicorns on the charts here.
So out of any TA, there must be a fundamental reason for this. The only fundamental analysis I can do towards this solid $6k resistance is the cost-of-mining-1-bitcoin theory, which true or not, becomes a self fulfilling prophecy at this point.
what about a simpler explanation: strong demand exhausts supply. demand from investors. it doesn't matter who they are or why they're buying, but that's more believable to me than miners perpetually propping up the price.
Miners with more expensive electricity will just stop mining when price goes under $5000. That will reduce difficulty and the rest miners will get more bitcoin for same hash power invested.
The majority of the miners aren't even selling their coins at spot prices anymore with how much more they can get for these coins by selling them privately.
I have contacted various miners to sell me virgin coins this year, but they (those that actually did reply) wanted me to pay a premium of 50% per block + fees, which just points out that miners aren't in such a horrible position at all. Buying a whole block with such a premium is too much for me, but if anyone can hook me up with a miner willing to mint 1BTC to one of my addresses for a $2000 premium (premium over spot value at the time of minting) hook me up.
That's the reason I think we won't get below $5800.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up.
There is nothing like a "diamond solid ground in which miners will never let bitcoin go". Miners with more expensive electricity will just stop mining when price goes under $5000. That will reduce difficulty and the rest miners will get more bitcoin for same hash power invested.
Just at these price levels, large buyers, they move the price upwards
frankly we could be a lot lower than we are. I'm grateful for that.
Give it time. This bear market may continue for years. Just like it's been after MtGox crash
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
Saying we see another pump as it appears would mean there was a dump in the first place but what if we look at it this way, major players are in the market to make money and any situation is a good situation for a day trader because he does not have the patience to hold long term so the little profit he can make in a short period is enough if he can ensure there is huge turnover in making this happen. As a day trader, you buy at the $5,900 range then rather than wait to let it touch $10000 which might not happen any time soon, you are taking any gain of $500 to $600 in few days. I think its a good win.
Bringing government into the equation is expanding the theory beyond simple comprehension because saying government is trying to bring the price down would mean they are dumping bitcoin and admitting they must have bought the same bitcoin at a higher price since the price has not gone so lower in recent time and them dumping would sure be trading at a loss. Now coming to buy when its low, would then mean they have to go source for external fund or be able to buy lower than what they purportedly held before the dumping exercise. Maybe I am missing something, but it does not add up.
yes you are right for now a lot of signals that happen sometimes the price goes up to $ 6k and sometimes it also goes up to $ 7k and hopefully this is a good start to be able to increase prices.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
We should not celebrate this as the market is generally bearish. I think we are going to have corrections back to below $6000 in days to come as investors are having doubts of ETF approval.The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
I still don't think price an fall below $6000 without ETF rejection. doubts are not enough reason for people to start selling their coins and for the buyers (the buy support at $6k) to stop buying as we were proven a day before. but if ETF is rejected (which is very likely!) we can see a big panic sell drop.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
We should not celebrate this as the market is generally bearish. I think we are going to have corrections back to below $6000 in days to come as investors are having doubts of ETF approval. The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
the thing about "hitting" a price like this and then rising back up is that you shouldn't just focus on the numbers but also on the how tos.market is still pretty small and on top of that people aren't trusting exchanges to leave their money there so despite the strong buy support there, a bigger sell can drop the price. which was $5995. it is hard to figure it out now but it was about 200BTC volume on that candle in a 14096BTC daily volume on bitstamp.
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The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
maybe it is ALSO miners but i don't think that is all. it is a lot of traders who know $6k as the bottom and buy there.But as a trader, you perform technical analysis, and if you apply TA, I don't really see $6k anymore as a bottom, unless you believe in what, a quintuple bottom at this point? I mean we were discussing a triple bottom a month ago, now it has bounced back, so quadruple bottom is at play if it keeps going up.
So out of any TA, there must be a fundamental reason for this. The only fundamental analysis I can do towards this solid $6k resistance is the cost-of-mining-1-bitcoin theory, which true or not, becomes a self fulfilling prophecy at this point.
sometimes it is more than enough reason to keep a price up above some arbitrary level. it doesn't even have to be true it just needs to be accepted by majority of investors which seems to be the case here.
on top of that each time we test $6k and it stands strong it increases the confidence in that number so next time the target of everyone else would be there.
i usually don't use TA because i am not good at it and also i believe it doesn't work for bitcoin. but yeah if you see it as a descending triangle then it should have dropped below and went lower.
But as a true bitcoin believer we need to hold it more to bring up the prices again to the next level.
As a true Bitcoin believer people need to be realistic. It's perfectly possible to test $5000 in the coming weeks or months (no I don't imply it will actually happen, just that the possibility is there). Following the long term downtrend has been the most consistent and profitable indicator, and people keep ignoring it because they blindly assume that $6000 is the safe haven support level.
If the downtrend continues, we'll see the next lower high settle somewhere around $7000 (give or take a few hundred). The 2014/2015 bear market counted exactly 4 lower lows from where we went up, and currently we're working towards the potentially 3th lower low. It basically means that if the situation repeats itself, which might or might not happen, we're at least half way through which is a good thing.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
the thing about "hitting" a price like this and then rising back up is that you shouldn't just focus on the numbers but also on the how tos.market is still pretty small and on top of that people aren't trusting exchanges to leave their money there so despite the strong buy support there, a bigger sell can drop the price. which was $5995. it is hard to figure it out now but it was about 200BTC volume on that candle in a 14096BTC daily volume on bitstamp.
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The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
maybe it is ALSO miners but i don't think that is all. it is a lot of traders who know $6k as the bottom and buy there.But as a trader, you perform technical analysis, and if you apply TA, I don't really see $6k anymore as a bottom, unless you believe in what, a quintuple bottom at this point? I mean we were discussing a triple bottom a month ago, now it has bounced back, so quadruple bottom is at play if it keeps going up.
So out of any TA, there must be a fundamental reason for this. The only fundamental analysis I can do towards this solid $6k resistance is the cost-of-mining-1-bitcoin theory, which true or not, becomes a self fulfilling prophecy at this point.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
At $6000 looks like strong resistance level since we have crashed many times to that level but didn't fall much beyond than that,so it means people use that $6000 at reference to buy and waut for that bump to happen and later to sell for decent money.But as a true bitcoin believer we need to hold it more to bring up the prices again to the next level. The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
right now the $6k price is acting as an elastic band thingy which you can only stretch too much before it is released from your fingers, slips out and hits you in the eye giving you a black up because you played with it too much beyond its elasticity.
and right now we have some people with black eyes because they thought $6k is not strong but in fact it was.
the next 48 hours can determine which way we go if they decide to dump coins on the market and push it down and only if the buy support couldn't but it up, the market may finally grant the newbies wishes for lower prices otherwise say goodbye to it
and right now we have some people with black eyes because they thought $6k is not strong but in fact it was.
the next 48 hours can determine which way we go if they decide to dump coins on the market and push it down and only if the buy support couldn't but it up, the market may finally grant the newbies wishes for lower prices otherwise say goodbye to it
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
This bottom will not go up so long as the main problem(as indicated in the quote below) is still there. Therefore the price will keep swinging over it until the main concern is solved. Nevertheless, I believe we are not seeing the bottom yet because there are no signs of the main problem being solved soon even with all the upcoming ETF approvals. The main problem is the lack of strong increase in bitcoin demand.
The price support level depends mostly of the amount of sellers,who are stupid enough to sell at a given(or lower) price.A stable btc price of around 5900-6500 USD means that the amount of stupid traders is little or close to zero,while the majority of the smart traders just HODLs.The main problem is the lack of strong increase in bitcoin demand.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
the thing about "hitting" a price like this and then rising back up is that you shouldn't just focus on the numbers but also on the how tos.market is still pretty small and on top of that people aren't trusting exchanges to leave their money there so despite the strong buy support there, a bigger sell can drop the price. which was $5995. it is hard to figure it out now but it was about 200BTC volume on that candle in a 14096BTC daily volume on bitstamp.
Quote
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
maybe it is ALSO miners but i don't think that is all. it is a lot of traders who know $6k as the bottom and buy there. As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
Yup! Good to see the support at the crisis. Last 7 months have been completely balancing not falling below $5K and yes this encourages the investors leaving out the hope that there wont be much fall or loss if they invest in bitcoin. The past two weeks were holding the value between $6K to $7.3K and believe that there wont be another big fall this year. The value is expected to move forward. Hope to hit minimum $8k in a week and cross $9k this month. Lets watch the show.
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
that dump the other day from $7100s to $6100s was more impressive though.
it's bitcoin, both the pumps and the dumps are always impressive!
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up.
i hope you're right, as i find range markets and bull markets easier to trade (especially after we've already fallen 70% from the top). but i'm skeptical that miners have endless capital to prevent liquidating forever. we need real demand to turn things around.
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
We’ve been here so many times this year, and seeing the previous price movement, always a bounce back after hitting this level. Maybe the theory of the OP is right since the support level are strong between the price range of $5k-$6k where buyers and sellers agreed the bottom price. No one can answer your question but as an optimist hodler, Maybe we see a new bottom but I know it will to rise again. But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
I have been seeing various comments about some entity trying to short the market
and drive the price down. Im not a whale but im still buying bitcoin at the current
values.
I know it doesnt really matter as most of us are looking at the long term but are
there moves to take the prices down?
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
I have been seeing various comments about some entity trying to short the market
and drive the price down. Im not a whale but im still buying bitcoin at the current
values.
I know it doesnt really matter as most of us are looking at the long term but are
there moves to take the prices down?
Bottoming formations can take a longer time, I suppose there is still some space for Bitcoin. I just hope we won't go below the $5,000. We just need a couple of million USD injected in the Bitcoin market to give the faith, or a good old economic crisis in a country like Greece, lol
This is what Wall Street call "price discovery".
Wall Street loves meaningless buzz-phrases like that. Drives me insane sometimes. If you read an analysts report, you'll see bloated "analysis" which purports to show why a stock is going to be higher or lower. In other words, it's fluff. If they were honest, those analysts would write that they're pulling predictions out of their asses.Anyhow, I didn't realize bitcoin had dropped so much. I haven't seen it below $6k for a while now, but sometimes things happen when I'm sleeping and then gets reversed by the time I wake up. I'm fine with where it's at right now, which is around $6.3k. I don't pretend to know where bitcoin is headed, but frankly we could be a lot lower than we are. I'm grateful for that.
I think the big pop up is part of a repeated process, what we have to achieve really is a rise on the daily candles. I'm posting a chart with that large time frame here and I've drawn in a negative channel or downtrend to show our rough rate of decline even while we find buying some points. It must close out the positive buying over 24hr not just the shorter time frames.
The main reason for this is the global aspect to BTC trading and recognition by people of multiple countries to a new price level. I think pricing takes time in this way, to find all sellers and then also buyers for that price
This decline ratio or gradient exists for all of August so far. We must go sideways at least if not upwards to outrun that trend
The main reason for this is the global aspect to BTC trading and recognition by people of multiple countries to a new price level. I think pricing takes time in this way, to find all sellers and then also buyers for that price
This decline ratio or gradient exists for all of August so far. We must go sideways at least if not upwards to outrun that trend
This is what Wall Street call "price discovery". Its the point where they cant suppress the price any longer.
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
But the issue remains: will it go up from there? Will this bottom go up? Or will the price keeps swinging over it?
As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
The theory of how that $5k-6k price range is the diamond solid ground in which miners will never let bitcoin go below is shaping up. Governments want to take the price down and tank it so they can buy it all but someone (maybe rich miners and other whales) keep using that range as the reverse point. Let's see if it holds. We have touched this same point so many times that the theory might be right.
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